“I strongly support this proposal. I think it has great merit,” Dodd declared of the so-called Volcker Rule, named for the former Federal Reserve Chairman Paul Volcker, who made a pitch to committee members in person Tuesday.

Dodd said he also believes that the administration is “headed in the right direction” with a second proposal that seeks to curb the size of big banks.

The Connecticut Democrat’s endorsement comes mere hours after media reports circulated that he planned to ditch or scale back the two administration proposals for fear of losing bipartisan support for the larger financial reform bill his committee is working on.

While he believes industry objections to the proposals are worth considering, Dodd made it clear that he is on the administration’s side — though notably made no commitment that the proposals would be part of the final regulatory reform legislation.

“We must take steps to change the culture of risk-taking in our financial sector, including the management and compensation incentives that drove so much of the bad decision making,” Dodd said. “I applaud the administration’s commitment to scaling back risky behavior on Wall Street.”

Alabama Sen. Richard Shelby, the top Republican on the panel, was far more circumspect about the legislation but certainly didn't reject the measures. Citing the economic devastation wrought by the financial crisis, Shelby said he is “willing to consider any proposal that will strengthen our regulatory framework and help our economy — including the president’s latest recommendations.”

But he faulted the Obama administration for the timing of their release of these latest measures, seven months after the White House first unveiled its blueprint for financial reform and shortly after Democrats lost the Massachusetts Senate special election.

“I hope … that this is not an indication that the administration intends to substitute thoughtful analysis with whatever polls well on a given day,” Shelby said, an apparent reference to the rising populist angst and the recent GOP victory. “This is too important … to subject to the vagaries of political litmus testing.”

George Soros will set up a corporation and put $1 million in it. Then he will borrow $1 billion from the banks to make Obama happy. Then Soros can purchase oil futures like he did in 2008 (and made over $1.5 billion while we suffered with $5 gas - thank you effing liberals) and if the deal goes well, he will pay the bank their 5% interest and pocket another few billion. If the deal goes bad, he will BK the corporation and lose his $1 million (Maybe) and leave us holding the bag. Either way he wins and we lose.

Thank you liberal democrats. Make George Soros a few more billion. Remember he is not a U.S. resident so no estate tax when the old codger dies either. Just billions of U.S. profits and never taxed. You liberals must envy this idiot, a very smart and wealthy idiot, but nevertheless an idiot.

~ unfortunately the Banks control the Repubs totally and quite a few of the Dems as well

Nonsense. The banks like Fannie and Freddie, control both to a degree. However, they control Democrats much more as do unions, George Soros, CodePink, MediaMatters, MoveOn, ACORN and other Leftist organizations.